4 Direct Mail Strategies for the Mortgage Industry | Farming Cards

4 Direct Mail Strategies for the Mortgage Industry

Direct Mail Marketing Tips | 09 Dec, 2020

by Jeffery Li

Reading Time: 3 Minutes

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Mortgage lenders can generate more business when they advertise their services through direct mail. In fact, 2018 has seen no slowdown in direct mail campaigns, as their effectiveness continues to increase even in the digital age.

Direct mail is an integral part of any salesperson's marketing efforts — especially when it's used as one part of a multichannel marketing strategy.

When it comes to the mortgage industry, you want to appeal to all kinds of buyers. As a lender, you also need to be as helpful as possible and build the trust of your contacts. Here are some direct mail strategies that you can implement to reach potential customers in your area.

1. Craft targeted campaigns.

Before you send any mail, you need to make sure those receiving your mailings are likely to be interested in financing. You should also be aware of where the recipient is in their lending needs and customize your mailing to meet those needs.

  • Target groups based on buyer trends. Mail to those who are most likely to become a client. For example, millennials who are still renting have immense potential. Also, think about popular demographics that typically would need a loan or refinance: newlyweds, empty-nesters, retirees and so on. Pinpoint high-priority groups and those you want to stay in contact with for years because they can become repeat customers. For example, many homeowners move into another home after seven to 10 years, so they may need a new loan in the future. Mature homeowners may want a reverse mortgage, while current homeowners may want to purchase a second home or downsize. You can customize the campaigns for each contact group to appeal to their needs.

  • Market to where they are in buyer's journey. A person very rarely commits to a loan when you first contact them. This is why you need to make multiple impressions on them and meet them where they are in their decision process. More often than not, they are in the process of browsing, but others may be in the decision stage and ready to choose a lender. Know how often you have mailed to these prospects and customize your campaign to appeal to how ready they are to finance.

2. Personalize your mailings.

When you add an extra touch like including your recipient's name on the postcard, it can go a long way in making an impact on your contacts. Today's mailings are capable of personalizing each postcard with the first name of the contact, no matter how many you need to print.

You can also get even more personal by including their unique estimated mortgage amount or unique qualifying APR. You can also get data like their home's current loan balance and what they can end up getting in a home equity loan or refinance. These personalized mailings are much more impactful than just generic informational pamphlets.

3. Use multichannel marketing.

When direct mail is just one part of your marketing strategy, it becomes an effective piece of the puzzle. When you can integrate social media, phone calls and website information on your mailing, you aren't just embracing the times — you're making your services available through multiple communication channels. An example of making this work is to include a QR code on your mailing or direct the recipient to a landing page to collect their information. From there, they can join your email list, follow your social media pages and more!

4. Make your mailings easy to understand.

Obscure mailings will often be overlooked, but if you make your message loud and clear, you'll be more likely to catch their attention.

  • Use bold, simple designs. Rather than using metaphorical symbols and obscure references in your mailings, use simple and straightforward images and text. A complicated cursive font and a soaring dove won't be as understood as clearly as bold print and a picture of cash in someone's hand.

  • Have a strong call to action. Make it really easy to find out how to get in contact with you or learn what they need to do to get a loan. Don't just have it in one place either — instead, place instructions in easy-to-see locations throughout the mailing.

  • Offer special deals. Nobody can resist choosing your services when you offer a competitive interest rate, a smaller down payment or a special offer to waive closing fees. Make such offers easy to notice on your mailing and you'll generate more interest.

Using these simple tips will help ensure your direct mail efforts are more successful in the mortgage industry. Through this channel, you can reach your contacts in a personal way that can bring them one step closer to working with you.

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